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By choosing a transfer service found on Monito, the average user pays a total of just 0.59% in fees and exchange rates. Compared to the 4.6% paid at a bank or traditional cash transfer service, Monito users have saved around $80 million in total to date!
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Far too often, sending money abroad is both pricey and problematic. That's exactly why our team of experts works tirelessly to offer the most in-depth, up-to-date, and helpful consumer advice.
Monito's Recommendations for Sending Money from the USA to Canada
Links on this page, including products and brands featured on âSponsoredâ content, may earn us an affiliate commission. This does not affect the opinions and recommendations of our editors.
Read moreToday's cheapest money transfer service might not be the cheapest tomorrow. Find the one that's best-suited to your needs and preference by comparing the best performers on Monito's comparison engine over the past 30 days for transfers from the USA to Canada:
About Money Transfers from the USA to Canada
Monito compares 13 providers offering international money transfer services from the USA to Canada. The total cost of the cheapest available option at any given point in the past month was 0.4% of the transferred amount. In comparison, the total cost of the most expensive provider was on average 6.6%.
đž Number of providers | 13 |
---|---|
đ Most often cheapest provider | |
đ° Average Lowest Total Cost | 0.4% |
đ° Highest Total Cost | 6.6% |
đ Recommended Providers | Wise, OFX, Instarem, Revolut, Remitly, CurrencyFair, Xoom, Xendpay, XE Money Transfer, Moneycorp, WorldRemit, Halo Financial |
⥠ïžFastest Transfer Time | In minutes |
đł Pay-in Options | Bank transfer, Direct bank payment, Credit card, Debit card, International bank transfer |
đ” Pay-out Options | Airtime top-up, Bank account, Card, Cash pickup, Bank account (via international transfer), Mobile wallet, payout.BILL, Cash delivery |
đž Most transferred amount | 1000 USD |
How To Send Money From the US to Canada
If you want to transfer money from the US to Canada, you'll have two broad options to choose from. One will go through your bank (which we don't recommend because of the high fees). Another option will be to use an international money transfer service. We go through them both below:
1 â How to Transfer Money From the US to a Canadian Bank Account
Using an online international money transfer service is the fastest and cheapest way to transfer money from the US to Canada. Several top online transfer platforms offer USD to CAD transfers, including:
- Wise
- Skrill
- XE Money Transfer
- WorldRemitÂ
- Paysend
- Xendpay
- MoneyGram
- Instarem
- PayPal (which we don't recommend due to its fees)
- Halo Financial and OFX (both are FX brokers for larger transfers)
In general, money transfer services are the best way to send money abroad because they're the cheapest and usually the fastest and easiest to use options out there. Find out more about money transfer services here.
2 â Bank Transfers From the US to Canada
Using your bank â whether it be Wells Fargo, Bank of America, Citibank, Capital One or any other â is a reliable option for sending money from your bank account to a bank account in Canada. However, it's costly, and transfers usually take a long time to arrive (between two and five business days). This is because bank transfers go over SWIFT, which involves many steps.
For example, sending money from the US to Canada with Wells Fargo can be around 10% more expensive than making the same transfer with a top money transfer service online. For this reason, we generally don't recommend banks to get the job done. Learn more about why online platforms are better than banks for international transfers.
3 â Google Pay From the US to Canada
Another option is to use your Google Pay account to make a quick and low-cost USD to CAD transfer via your smartphone. You'll need to complete the transaction through Western Union or Wise. (We recommend using Wise in these cases, as it's almost always the cheaper option for sending money from the US to Canada.)
How To Send Money From the US to Canada
When considering how to send money from the US to Canada, you'll have a lot of options at your disposal. However, while it seems overwhelming, it's all in all remarkably easy to transfer money from the US to Canada, and the process will generally involve making a bank transfer, card payment, or another form of mobile payment.
How to Transfer Money to a Canadian Bank Account
To transfer money from the US to a Canadian bank account, you'll have two options:
On the one hand, you can make an international wire transfer to send money from the US to Canada, which can be done from your American bank account to your (or your recipient's) Canadian one. Wire transfers from the US to Canada are the preferred method of most big-name US banks and tend to be very slow and pricey. Find out more about how to make a wire transfer from the US in our in-depth guide here. (Bear in mind that while it's possible to send money from a Canadian bank to the US via Interac's partnership with Mastercard and Western Union, the service is only available to Canadian bank account holders, and therefore it's not possible to send an Interac e-Transfer from the US to Canada.)
The other option you have is to make an ordinary bank transfer (i.e. an ACH transfer) to the local bank account of an international money transfer specialist service, which, in turn, will pay out the funds more speedily and cheaply to your recipient in Canada than the bank would.
When sending money from the US to Canada, these specialist services are significantly faster and equally as secure as the banks, and everything is wrapped up at a fraction of the cost. This is because funds sent via wire transfers (the method most banks use to send money abroad) typically need to follow several steps as they pass via SWIFT, all of which add new time and costs to the process. Find out more about how ordinary ACH transfers differ from wire transfers in our guide here.
According to search data from Monito's comparison engine for the US to Canada money transfers between June 2020 and 2021, the best way to transfer money from the US to Canada is usually one of the following specialist services:
US to Canada Money Transfers With Wise
Wise offers domestic bank transfers, wire transfers, and credit and debit card payments to be deposited into any Canadian bank account. It was the cheapest way to send money to Canada on 65% of Monito comparisons between June 2020 and 2021.
US to Canada Money Transfers With Instarem
Instarem offers fast and well-priced bank-to-bank money transfers from the USA to Canada and was the cheapest way to send money to Canada on 22% of Monito comparisons for the corridor between June of 2020 and 2021.
US to Canada Money Transfers With WorldRemit
WorldRemit, which offers speedy bank transfers and card payments to bank accounts in Canada, was the cheapest way to transfer money from the US to Canada on 4% of Monito comparisons between June 2020 and 2021.
Very Large Bank Transfers From the USA to Canada
If you'd like to send a substantial amount of money from the US to a bank account to a Canadian one (i.e. more than $50,000), your best bet will be to use a foreign exchange broker. These services are similar to ordinary money transfer and remittance services. The main difference is that they specialise in large transfers and can negotiate favorable exchange rates on your behalf.
According to search data on Monito's comparison engine between June 2020 and 2021, OFX was by far the best way to send money from the USA to Canada for large amounts, offering the cheapest transfers on 55% of all searches above $50,000 during that period. OFX was followed by Halo Financial and Wise, which were both the cheapest on 19% of comparisons for large transfers, respectively.
Can You Venmo to Canada?
No, using Venmo to send money to somebody in Canada won't be possible. This is because Venmo is solely a US service and is not supported in Canada. Find out more in our money transfer guide here.
What's The Best Way to Transfer Money From the US to Canada?
There are three main ways in which you could be overpaying when youâre sending money from the US to Canada, each associated with the three main types of costs involved:
- Fixed fees: The fee to convert and transfer money from the USA to Canada, which goes as high as $45 per transfer with major US banks;
- Commission: This is a percentage you pay in fees on the total amount you transfer, meaning that the less you send, the less you pay. These percentage fees can range from under 0.5% to two 2% or more.
- Exchange rate margin: The percentage difference between the mid-market exchange rate (the rate at which banks exchange currency) and the commercial exchange rate (the rate at which consumers pay.)
The Cheapest Ways To Send Money to Canada
With fixed fees, commissions, and exchange rate margins factored into the equation, take a look at which money transfer services were cheapest on Monito's comparison engine between June 2020 and 2021 for sending money from the US to Canada for different types of transfers:
Service | % Cheapest | Time | Pay-In Method(s) | Pay-Out Method(s) | |
---|---|---|---|---|---|
76% | 2 days | Bank transfer, direct bank payment, debit/credit card | Bank deposit | Go To Wise | |
16% | 2 days | Bank transfer, direct bank payment | Bank deposit | Go To Instarem | |
3% | 2 days | Bank transfer, direct bank payment, debit/credit card | Bank deposit, cash pick-up | Go To Xoom | |
2% | 2 days | Direct bank payment, debit/credit card | Bank deposit | Go To WorldRemit | |
1% | In minutes | Direct bank payment, debit/credit card | Bank deposit, cash pick-up | Go To MoneyGram |
Service | % Cheapest | Time | Pay-In Method(s) | Pay-Out Method(s) | |
---|---|---|---|---|---|
65% | 3-5 days | Bank transfer, direct bank payment, debit/credit card | Bank deposit | Go To Wise | |
19% | 2 days | Bank transfer, direct bank payment | Bank deposit | Go To Instarem | |
9% | 2 days | Bank transfer, direct bank payment, debit/credit card | Bank deposit, cash pick-up | Go To Xoom | |
5% | 2 days | Bank transfer | Bank deposit | Go To OFX | |
1% | 2 days | Direct bank payment, debit/credit card | Bank deposit | Go To WorldRemit |
Service | % Cheapest | Time | Pay-In Method(s) | Pay-Out Method(s) | |
---|---|---|---|---|---|
55% | 2 days | Bank transfer | Bank deposit | Go To OFX | |
19% | 3-5 days | Bank transfer | Bank deposit | Go To Halo Financial | |
19% | 3-5 days | Bank transfer | Bank deposit | Go To Wise | |
9% | 2 days | Bank transfer, direct bank payment | Bank deposit | Go To Instarem | |
3% | 2 days | Bank transfer | Bank deposit | Go To Currencies Direct |
Looking To Save on Every Transfer?
There's probably a fair chance you're looking to save money on your transfers from the US to Canada, no matter the amount you send or the receiving method. If this sounds like you, then we recommend that you make a point of checking our comparison engine before every transfer. That way, you'll ensure that you both discover the cheapest service in real-time and make considerable savings on your transfers to Canada.
The Cheapest Way to Send Money From the US to Canada
Let's start with the most expensive solutions: banks, cash-based money transfers, and mobile payment apps like Paypal are typically costly options when you factor in all fees, including hidden exchange rate margin fees).
As mentioned above, the cheapest way to transfer money internationally is to use a specialist money transfer service. They provide much more competitive rates, fees, and commissions than banks or Paypal. Their fees depend on various factors:
- Pay-in options: Credit card, bank transfer, cash payment, etc.
- Amount transferred from the US to Canada: The cheapest operator will not necessarily be the same for a transfer of $500 and a transfer of $5,000.
- Transfer speed: Does the money have to be available instantly, or can a beneficiary wait a few days?
- Pay-out options: Will the money arrive in your beneficiary's bank account, or will they receive it in cash?
A dozen other parameters influence the price of sending money to Canada. You should check out Monito's live comparison tool with dozens of services to find the cheapest or fastest one for you!
Fastest Way To Send Money to Canada From the US
It is no surprise that your transfer speed depends on the method you choose to send your money from the US to Canada.
Online money transfer providers are typically the fastest option. For example, Instarem offers transfers that will go to the recipient's account the same day, whereas Skrill and Wise offer transfers that arrive the next business day.Â
When comparing the fastest options, always be sure to compare the exchange rate to check that you're not getting a poor deal. More information about the quickest way to send money abroad can be found in our guide.
FAQ About How To Send Money From the US to Canada
đž What's the best way to transfer money to Canada from the US?
Here are the best ways to send money from the US to Canada depending on your needs:Â
- Wise: The best way to transfer money from the US to a Canadian bank account;
- MoneyGram: The best way to send money to Canada for cash pickup;
- The best-rated services on Monito to transfer money from the US to Canada are Wise, Instarem, and WorldRemit;
- The fastest services to send money to Canada from the US are Moneygram and Xoom.
In addition, you should pay attention to several things while sending money from the US to Canada, including the live US to Canadian dollar exchange rate, transfer fees, exchange rations, payment up options, and transfer speed. Run a search on Monito's real-time comparison engine to find the best deal with just a few simple clicks.
đ What's the cheapest way to send money from the US to Canada?
Here are the cheapest ways to send money to Canada from the US in the last 30 days:
- Wise was the cheapest way to send $300 to a Canadian bank account;
- MoneyGram is the cheapest way to send $300 to a Canadian cash pick-up location;
- For larger transactions (i.e. above $100,000), foreign exchange brokers such as Halo Financial, XE Money Transfer, and OFX can become very competitive and allow you to request a specific quote for their service.
When looking for the cheapest way to send money to Canada, it's worth recognizing the most expensive solutions â banks, cash-based money transfer services, and Paypal. In terms of price, these services are, in general, costly when all fees are taken into consideration (including the hidden currency exchange rate margin.) Fortunately, there are plenty of online money transfer services with transparent and attractive fees and good USD-CAD exchange rates. Run a search on Monito's real-time comparison engine to weigh them up in real-time.
đ± How to transfer money to Canada from the US at the best rate?
Hereâs how you send money to Canada from the US at the best rate:
- Check the CAD exchange rate on Monito: Subscribe to our daily email alert to receive the CAD exchange rate in your inbox or when it reaches a Two-Week High on Monito đč
- Compare money transfer service fees and exchange rates: Enter your transfer amount, choose your desired delivery method, and compare the fees and exchange rates of all money transfer services at once.
- Choose the best service for your next transfer: Choose a service that offers the lowest fees and the best USD-CAD exchange rate for your next transfer to Canada.
- Create an account with the best service: Add a beneficiary, fund your transfer, and click "send." Your dollars will be on their way to Canada at the best rate. Congrats!
đž Can I use Venmo to transfer money from the US to Canada?
No, you cannot use Venmo to transfer money from the US to Canada. Venmo only works within the United States. If youâre sending money to someone in Canada, run a search on Monito's real-time comparison engine to find the best deal with just a few simple clicks instead.
đ± How can I send money from a US bank account to another bank account in Canada?
It's easy to send money from a bank account in the US to another bank account in Canada, but what is the cheapest way? If you use your US bank account to send money to a bank account in Canada directly, you will be charged hefty fees. Here are some examples:
- Bank of America's fees for sending money to Canada: $45 Bank fixed fee +~5% mark-up on the exchange rate to CAD;
- Wells Fargo's fees for sending money to Canada: $30 Bank fixed fee +~5% mark-up on the USD-CAD exchange rate.
How to send money to a bank account in Canada from a US bank account the cheap way?
- Avoid using your bank for international money transfers to Canada;
- Use Monito's comparison engine to find the best US to Canada money transfer service;
- Sign-up with the service that best suits your needs;
- Fund your transfer with a debit or credit card, or with a direct bank debit (ACH) or a wire transfer;
- The money transfer specialist will use their bank account in Canada to send the money locally to the Canadian bank account of your beneficiary, bypassing the international banking fees;
- The fastest money transfer services would deposit money to major Canadian banks such as RBC, TD, Scotiabank and more the next day.
đ How to transfer money from the US to a Canadian bank account?
Hereâs how to transfer money from the US to a Canadian bank account (without the hidden fees!):Â
- Donât use a major bank for your international transfer to Canada, as they often charge a high markup on the exchange rate â sometimes 20x more!
- Find the best online money transfer service to send money from the US to Canada on Monito.com instead.
- Several services can quickly deposit money to major Canadian banks (RBC, TD, Scotiabank, and more) within two days.Â
đČ Who offers the best exchange rate to transfer money from the US to Canada?
Over the past 30 days, Wise has offered the best exchange rate to transfer money from the US to Canada. However, additional transfer fees might give you a different picture. Use Monito's real-time comparison engine to find the cheapest overall option for you.
đ Can I send an Interac e-Transfer from the US to Canada?
You cannot send an Interac e-Transfer from the US to Canada as you need a Canadian bank account in order to initiate the transfer.
đ» Whatâs the easiest way to transfer money from the US to Canada?
Wise is the easiest way to transfer money from the US to Canada according to our Service Quality Monito Score of 9/10. Find out if it's the cheapest as well by comparing all services on Monito.com
đ How to send money to someone in Canada from the US?
Sending money to someone in Canada from the US is an international money transfer. This means that the usual ways to send money to a friend in the US like Venmo, Cash App etc... are not an option. Here's how to send money to someone in Canada from the US:
- Use Monito's real-time comparison engine to compare and find the cheapest way among dozens of specialised money transfer services
- Sign-up with the best money transfer services for your need on their website or mobile app. It's quick and easy.
- Pay for your transfer with a US bank account, debit or credit card
- Enter the beneficiary's bank details, click send and voilĂ the money transfer is on its way
- As the specialised money transfer services will pay the beneficiary with a local Canadian bank transfer, you avoid the hefty international transfer fees that your US bank or PayPal normally charge.
đ± Can I send money from the US to Canada using Google Pay?
Yes, you'll be able to send money from the US to Canada using Google Pay either through Wise (which offers some of the best exchange rates to Canadian bank accounts) or Western Union (which offers cash pay-out methods and a large number of other payment options.) To get the job done, simply login to Google Pay, make an ordinary transaction to a beneficiary in Canada, and select either Wise or Western Union when prompted.
Best Rated Providers to Send Money from the USA to Canada
See Monito's In-Depth Money Transfer Guides
Everyone wins, except expensive solutions
With our model, the only losers are the expensive banks or providers youâll stop using!
To ensure our independence, we always use transparent, objective and verifiable criteria in our comparison. No provider can buy their way to the top of our results.
We include as many providers as possible in our comparison and have partnerships with almost all major and innovative providers.
We make sure you never pay more than if you went directly to the provider of your choice. We even negotiate special offers for you with many of our partners.
You save money on your transfer by selecting the cheapest provider.
The best providers earn new customers without expensive marketing, helping keep their costs (and prices) low.
Monito receives a referral fee from the provider you selected. This enables us to offer our service to you for free.
Questions you may have
How can I use Monito to find the best option to send money to Canada?
Before each international money transfer, you should come and compare the costs of the different options on Monito, as they may have changed. The cheapest option is at the top, of our results but you may want to consider other criteria such as the speed of transaction or the pay-in or pay-out methods.
I simply use my bank to send money to Canada, do I really need to compare other options?
Of course! Banks are usually not the best way to make international money transfers. The fees can be quite low (and sometimes even zero), but beware of the poor exchange rates which banks often apply. We list as many banks as possible in our results, so do compare to find out if youâd be better off switching to another bank or a specialized money transfer company.
Can I trust a company I found on Monito but never heard about before?
Yes. We only list money transfer operators or banks that are fully authorized and monitored by the regulation authorities of the countries where they operate.
Is it possible to send money with Monito, or are you just a service to compare money transfer services?
Monito is not a money transfer company. Weâre here to help you find the best way to send money to Canada.
Why Trust Monito?
Youâre probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe.
Today, Monitoâs award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests â all allowing you to make the savviest decisions with confidence.
Monito is Trusted by 15+ Millions Users across the globe.
Monito's experts spend hours researching and testing services
Affiliate commissions we may receive never impact our independence
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Mid-market exchange rate
To calculate the total cost of your transfer, we compare the exchange rate every provider applies to your transactions with the latest mid-market exchange rate data that we source from XE.